He said the global growth is projected to fall to 0.5 per cent in 2009, its lowest rate since the Second World War.

"Despite wide-ranging policy actions, financial strains remain acute, pulling down the real economies. A sustained economic recovery is possible only with the restoration of the financial sector's functionality and unclogging of credit markets. This requires new policy initiatives to produce credible loan-loss recognitions, provide public support to viable financial institutions by injecting capital and carving bad assets. Monetary and fiscal policies need to become even more supportive of aggregate demand and sustain this stance over the foreseeable future, while developing strategies to ensure long-term fiscal sustainability," he said at a seminar in Bahrain.

Seetharaman also explained the measures to be implemented by real commodity driven economies to tide over this ongoing global financial crisis.

He also highlighted the transformation required at every organisation level to tide over this ongoing global financial crisis.

He said: "Transformations include, looking out for continuous improvements in the way business is being conducted, reevaluation of performance standards, identification and exploitation of respective cutting-edge competitiveness, need for strong corporate governance and transparency frameworks and convergence principle of providing one-stop solution to all the customers needs."